BTC Final Short Term Chart

BTC failed to maintain it's channel, exited 780 longs from the break of 900 and bounce back to 920's.

Holding shorts from 920/923/925 1/3rd.

1st TP (S1) Daily Pivot Support at 897 / Weekly Pivot 893 should see a bounce there before descending to 840's.

SL just above 946.9 (RR/Ratio 3+)

Chinese Exchanges Begin To Ban Non-Chinese traders deposits and withdraws plus disrupted margin trading facilities add to bearishness.

Good Luck

Comment:

Target 1 Hit Taking 1/3 Profit

Comment:

We can see the bounce coming in exactly where it was expected. Now we look for new resistance at 907/908/910.

Comment:

Added to short at 918 covering at the weekly pivot, moving stops to break-even letting the rest run.

Comment:

Caution needed here at this support level. No new shorts or longs will be added, if price bases here and moves up only a close above 940 will trigger a bigger move back into 1k+ territory. Do not want to see another leg up from here which is why all stops have been moved to break-even.

Comment:

taking half at what should be the long dated trendline and final support level up here 880's. last 1/3 left of position riding.

Comment:

Quick update;

For those wondering if and when to get long the trigger is above 910, if we base up here in the 880's/890's. If 910 gets retaken a larger move is brewing otherwise 840's still attract.

Trade closed manually:

Last 1/3 closed manually for small gain.

Overall very profitable setup.